<payment should be $19,821.32

How did you get that?

I'm not sure the 365/360 matters. If you do not pay monthly but every period (however defined), than the formula is correct, as
you can easily check by setting up an amortization table.
But maybe you want to tweak the interest%. Question is How?

--
Kind regards,

Niek Otten
Microsoft MVP - Excel


"nicoleradke" wrote in message ...
|I need a function(formula) that will amortize a loan based on a 365/360
| (actual/360) basis, no compounding, with payment due at the end of each
| payment period (ie monthly payments with note dated 11/6, first payment 12/6)
| So with a loan amount of $1,662,000 at 7.5% 10year amortization the loan
| payment should be $19,821.32 with this formula (On our current formula we
| come up with $19,728.24)
|
| This is what I am currently using but it is not a true 30/360 formula
| =ROUND(-(PMT(C11/12,C12,C10)-0.005),2) where C11= Annual IR, C12= Term in
| months and C10=Original loan amount and is not accurate for what I need. Can
| anyone help?
|